The asset is a 226,611-sf, two-building office complex situated on 38 acres just off of I-287. Built in 2001, the class A facility was picked up from the Morristown, NJ-based SSR Realty Advisors, an affiliate of MetLife, which just last week had announced it would co-invest $300 million with SSR clients (see earlier story). The seller was represented in the transaction by CB Richard Ellis.
Mt. Kemble Corporate Center is currently 74% leased, with a tenant roster that includes the headquarters of Watson Pharmaceuticals, along with Morgan Stanley, St. Paul Fire & Marine Insurance and Taisho Pharmaceuticals.
"Mt. Kemble Corporate Center is a quality asset in terms of the condition of the property and the strength of its current rent roll," says Thomas W. Brown, senior managing director and director of acquisitions for Brookwood. "Although Morris County has suffered in the past couple of years due to new construction and a glut of sublease space, we are bullish on the market.
"We believe Morris County is an excellent location," Brown continues. "With no new class A office space under construction, we plan to capitalize as the market improves."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.